Eurozone leaders have worked with Greece to reach an agreement. The struggling nation will stay on the Euro currency and accept continued government cuts/austerity for the time being. The Greek people have been forced to double down on the same austerity that has crippled their economy and driven unemployment to record highs. “The beatings will continue until morale improves.” Cenk Uygur, Ben Mankiewicz (What The Flick?!), and Ana Kasparian (The Point) host The Young Turks. Tell us what you think in the comment section below.
“That’s the gist of the deal that keeps Greece in the euro, an agreement that will deepen the country’s recession, makes its debt position less sustainable and virtually guarantees that its problems come bubbling back to the surface before too long.
…what this means is that leaving to one side the interest payments on its debt, Greece will have to raise more in revenues than the government spends each and every year. If the performance of the economy is not strong enough to meet these targets, the “quasi-automatic” spending cuts will kick in. If Greece is in a hole, the rest of the euro zone will hand it a spade and tell it to keep digging.”*
Read more here: http://www.theguardian.com/world/2015/jul/13/europe-greece-pushed-into-further-peril
***CORRECTION*** The correct number of Greeks killed in WW2 is 160,000. http://www.dailymail.co.uk/news/article-3152216/I-despise-Germany-enemy-Greek-survivors-Nazi-massacre-say-No-vote-wasn-t-just-austerity-continued-resistance-against-occupation.html
Comments
I feel for the people of Greece, but you guys have to understand that back when they joined the Eurozone they loaned huge amount of money from Goldman Sachs in order to abide by the Maastricht rules wich says that the contries in the Eurozone are not allowed to have a debt more than 60% of the GPD or a budget deficit more than 3% of it GDP.
With the help of Goldman Sachs and likely other private banks Greece goverment at that time deliberately made these loans in order to mask the fact that their debt at that time already was more like 120% of GPD in order to join the Eurozone.
And after the 2008 financial crisis there were wich was started in part by…? Well there were other countries in the eurozone that needed help, made the adjustments needed and are now largly better off.
Greece on the other hand took the loans and at the same time did things like compare Angela Merkel to Adolf Hitler and demanded compansation for WW2 vitcims and every year when they need more money they are not willing to make the adjustments that the lenders say they have to make in order to stabilize their economy.
At the same time it breaks my heart when I see an old man fall to his knees crying because he can’t take out the money from his wifes retirment fund because the bank are out of cash. But it is a hard pill to swallow when 61% of the population of Greece vote to not agree on the conditions after seven years of this..
So, I made my comment prematurely and a lot of the things I said was mentioned later on in the video, my bad. Sorry.
But this has been going on for more then seven years and Greece have been draging their feet and not made the all the adjustments that the lenders required from the start, so their economy have gotten worse and therefore the required adjustments to their economy need to be harsher.
I live in Sweden, we opted out of joining the Eurozone because we saw flaws in the system that our leaders at that time felt could leed up to a moment like this, still because of American and Greek corruption a part of the taxes we pay in Sweden goes for bailing out Greece and they basically spit in our faces when taking our money.
The best thing would be to kick them out of EU and let them default, even Greece would in the long term be better off. That was not possible seven years ago, now some people argue that have changed.